THE WESTERN MAIL can today reveal the full extent of the debts of one of our most famous rugby clubs.

THE WESTERN MAIL can today reveal the full extent of the debts of one of our most famous rugby clubs.

According to documents we have obtained, more than #2.5m is owed to 255 creditors of Swansea Rugby Football Club Ltd, including staggering sums outstanding to some of the biggest names in Welsh rugby.

Those deemed to be owed money have been invited to a creditors' meeting at 11.30am at St Helen's on Tuesday. Later that day, St Helen's will witness the last Swansea game of the professional era as they face Newport in the Premiership.

According to the documents, players such as Scott Gibbs, Arwel Thomas, Gavin Henson, Mark Taylor and Sam Cordingley are each owed substantial five-figure sums, as is director of rugby Richard Moriarty.

But All Whites backer Robert Davies says the players listed as creditors are merely facing the end of their current contracts before they join new regional teams or move to new clubs outside Wales.

"Player contracts could have a year or two years to run, but they are not missing out if they are joining one of the new professional teams or being employed elsewhere," said Davies.

Moriarty is owed #80,400 and scrum-half Rhodri Jones #31,875, according to the documents.

The termination of once-capped second-row forward James Griffiths' current contract means a #52,500 shortfall.

In addition, the Inland Revenue are owed #264,948.32 and Customs and Excise #111,000.80 in unpaid VAT.

The documents clearly highlight the financial position which left club backers Davies and Mike James to decide enough was enough in March.

Davies said, "I, Mike and club chairman Roger Blyth are writing off the money we have put into the club. Other shareholders on the board have done likewise.

"That amounts to around #2m in various guises so, while an accurate list of names and figures, the creditors' document is not an accurate reflection of how much money is in effect owed."

The decision of Davies and James to pledge no more big money to Swansea left them and their fellow All White directors with no choice but to apply to put the club into voluntary administration in March. The creditors will decide at the meeting whether to allow that application.

But the revelations over Swansea's financial position have fuelled fears for Welsh rugby's future. Davies himself backed up Bridgend owner Leighton Samuel's claim that things are getting worse financially, not better, as Welsh rugby's new regions scramble for the playing talent.

Davies said, "Since the decision to reduce our top flight to five teams, there has been no leadership from the Welsh Rugby Union on basic issues.

"There was agreement among the new teams that they would not try to recruit players from each other, but we are now seeing a free-for-all with bids and counter-bids for players.

"There are no rules to be enforced and the dangers of that are obvious: the wages free-for-all was the reason Welsh rugby found itself in the financial position it did in the first place."

The #2,565,848.81 owed to Swansea's creditors includes #605,000 loaned by B J Homes Ltd, a subsidiary of Liberty Properties Ltd, of which James is chief executive and Davies financial director.

James and Davies also made personal contributions of #250,000 each to Swansea rugby club, a figure matched by All Whites chairman Roger Blyth.